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環境規制とクリーンエネルギー技術：持続可能な保険下における火力発電システムの移行インセンティブ枠組み

Environmental regulation and clean-energy technologies: A transition-incentive framework for thermal power systems under sustainable insurance (原題)

Shiu-Chieh Chiu, Yuqi Li, Ching-Hui Chang, Jyh-Jiuan Lin

Energy Exploration & Exploitation📚 査読済 / ジャーナル2026-08-25#トランジション・ファイナンスOrigin: Global経営インパクト: 資金調達対象セクター: power
DOI: 10.1177/01445987261483155
原典: https://doi.org/10.1177/01445987261483155

🤖 gxceed AI 要約

日本語

本論文は、火力発電事業者と保険会社（移行金融の代表）を対象に、炭素価格、環境規制、電力市場設計が発電資産の価値と資金調達条件に与える影響を、条件付き請求権アプローチで分析する。バイオマス混焼、コージェネ、CCSなどの効率改善技術がキャッシュフローリスクとデフォルト閾値を改善し、資産価値を高める一方、排出上限の厳格化は支援策なしでは移行リスクを増大させる。規制・市場設計・移行金融の連携の重要性を示す。

English

This paper develops a contingent-claim framework linking a thermal power producer under carbon pricing with an insurer as a transition-finance channel. It shows that efficiency technologies (biomass cofiring, CHP, CCS) and predictable electricity pricing stabilize cash flows and raise asset values, while stringent emissions caps increase transition risk without complementary support. The findings highlight the need to coordinate carbon regulation, market design, and transition finance for a resilient low-carbon transition.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本では、火力発電のフェードアウトと移行金融の活用が課題であり、本枠組みはGX経済移行債やトランジション・ファイナンスの設計に示唆を与える。また、電力市場改革と炭素価格導入の連携を考える上で有用。

In the global GX context

Globally, this framework contributes to the literature on transition finance and climate risk by modeling the interaction of carbon pricing, regulation, and technology in power systems. It offers insights for designing transition finance instruments and assessing asset stranding risks under evolving climate policies.

👥 読者別の含意

🔬研究者:Provides a quantitative model linking carbon pricing, regulation, and technology to asset values and default risk in thermal power, useful for transition risk research.

🏢実務担当者:Offers a framework for assessing how efficiency investments and regulatory design affect the financial resilience of thermal power assets, informing investment and risk management.

🏛政策担当者:Highlights the need to coordinate carbon regulation, electricity market design, and transition finance to avoid unintended transition risk and ensure orderly decarbonization.

📄 Abstract（原文）

This article develops an integrated transition-incentive framework to examine how clean-energy technologies, environmental regulation, and electricity-market design jointly shape financing conditions and asset values in thermal power systems. Using a contingent-claim approach, the framework links a thermal power producer operating under carbon pricing with a fund-providing insurer as a representative channel of transition finance. Regulated electricity prices and emissions caps interact with efficiency-enhancing technologies—biomass cofiring, combined heat and power, and carbon capture—to influence cash-flow risk, default thresholds, and investment incentives. The results show that efficiency improvements and predictable electricity pricing stabilize operating cash flows, reduce exposure to carbon-price volatility, and strengthen plant asset values, whereas more stringent emissions caps raise transition risk when not accompanied by complementary support mechanisms. Overall, the findings underscore the importance of coordinating carbon regulation, electricity-market design, and transition-finance instruments to enable an orderly and financially resilient low-carbon transition.

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